AgDay reports that as commodity prices soften, so have machinery prices. But will that trend continue? Tyne Morgan recently caught up with used farm equipment expert Greg Peterson, also known as Machinery Pete, to learn more.
Peterson’s primary takeaway? He says now may be the time to buy equipment.
“I think footing is the key word,” he says. “I started to see it early in 2015. We’d had a period of drop in used values, particularly in the late model, 1- to 5-year-olds. There comes a point when it drops enough that farmers are very savvy, and they pay attention, and they see opportunity.”
Machinery Pete shares additional insights with AgDay in the video below.
One of the top questions Machinery Pete has gotten from farmers this year is, “Should I buy now, or should I wait,” he says. While it can be tempting to hold out for a better bargain, waiting isn’t always the best strategy, he says.
For farmers thinking of buying, watching the used equipment market is important. Peterson encourages them to visit www.MachineryPete.com to learn more about prices for the specific purchases they want to target for 2016.